These symbols will be available throughout the site during your session. She took over as the first female chief executive of a major Wall Street bank in February 2021. Will Others Follow? Citigroup Inc. awarded Chief Executive Officer Jane Fraser $24.5 million in pay for 2022, making her the only major US bank CEO to receive a bump in compensation for the year. In its filing Monday, Citi's compensation committee lauded Fraser's quick work in setting priorities for the bank. For its 2021 fiscal year, CITIGROUP INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. She received a salary of $500,000, a bonus of $4,801,276 and stock awards of $11,995,705. Female employees at the bank made 26% less than male employees as of January 2021, Sara Wechter, Citi's head of human resources, wrote in a blog post. Far better than ending up as a troubled bank with a demotivated leader. Written by Feb 14 (Reuters) - Citigroup Inc (C.N) Chief Executive Officer Jane Fraser will be paid $22.5 million for 2021, a 31.6% increase from the previous year when she was the president of the bank and . Jane Fraser addresses Brazil-US Business Council forum in Washington, DC in March 2019. Citigroup (NYSE: C) CEO Jane Fraser gets total compensation of $22.5M for 2021, the company said in a filing. Before joining Citi, Jane was a Partner at McKinsey & Company. Get started Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. "Notwithstanding challenging macroeconomic and geopolitical developments, under Ms Fraser's leadership Citi made solid progress on each of our priorities, and the compensation committee recognises the strategic direction that took shape during 2022," Citi said in its filing. Coronavirus Tips Working and Protection, For its 2021 fiscal year, CITIGROUP INC, listed the following executives on its annual proxy statement to the SEC. Jane Fraser (born 1967) [1] is a British - American banking executive and the chief executive (CEO) of Citigroup, a position she has held since March 2021. | 2 p.m. 54, was granted stock awards totaling about $14.82 million, a cash bonus of $6.35 million and a $1. Fraser formally took the helm at Citi last February after being named as Mike Corbat's successor in 2020. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. Subscribe to Banking Dive for top news, trends & analysis. She is the. Citigroup reported a 21% decline in fourth-quarter profit in January 2022, which missed forecasts. Citis closest peer is JPMorgan, whose share return isnt meaningfully different. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. - Fraser officially took over at Citi on Feb. 26, replacing Mike Corbat, who earned $23 million in his final full year. We've received your submission. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). All proxy statements are public filings made available to the general public by the SEC. 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Her remarkable achievements have earned her some luxurious lifestyles and some fancy car trips. Fraser was paid $12.5 million last year, according to a company filing, or about half of Corbat's $24 million salary. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Morgan Stanleys (MS.N) James Gorman read more and Goldman Sachss (GS.N) David Solomon were paid $35 million each for their work last year. In a regulatory filing on Tuesday, Citi said Fraser's pay consisted of a $1.5mn base salary and a $23mn bonus paid in a mix of cash, deferred stock and performance share units. Citi CEO Jane Fraser shares her perspective on banking's shifting leadership landscape and the opportunity for diverse styles on CNBC Closing Bell: "I hope to Morgan Stanley shares were up around 25% over the same time. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Since Fraser took over the reins at Citi (. Track Latest News and Election Results Coverage Live on NDTV.com and get news updates from India and around the world. The Scottish-born Fraser has been with Citi since 2004 and currently oversees the banks massive global consumer banking operation. The industry leader for online information for tax, accounting and finance professionals. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. Dive Brief: Citi paid CEO Jane Fraser $22.5 million for 2021, the bank revealed in a filing Monday. JPMorgans Jamie Dimon and Bank of Americas Brian Moynihan were a whisker behind, at $34.5 million and $32 million, respectively. 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The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. Rapper, chef and author Action Bronson takes us on a journey from his early days at culinary school, to releasing critically acclaimed albums, to writing books, starring in TV shows and building an iconic brand around his favorite interests. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Citi's Jane Fraser, the First Female CEO of a Major U.S. Bank, Gets $22.5 Million for 2021 . Morgan Stanleys James Gorman and Goldman Sachss David Solomon were paid $35 million each for their work last year. Thanks for contacting us. The information shown here is a reporting of information included in the company's proxy statement. In Fraser's first year as CEO, the bank also submitted plans to the OCC and the Federal Reserve to address how to resolve its 2020 consent orders. Get the free daily newsletter read by industry experts. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Ms. Fraser, who .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}became chief executive on March 1, 2021, was given a salary of $1.33 million and a cash bonus of $6.35 million. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Citigroup directors citedFrasers ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. She also set in motion a strategy last April to withdraw from 13 retail banking markets in the Eastern Hemisphere and later added Mexico to that list. Thats less sensible than it sounds. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. CEO compensation has risen steadily since the late 1970s. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. All rights reserved. Citi had slashed Corbats pay by 21% to $19 million for his final year in the job as the pandemic hit the banks profits and shortcomings emerged in its risk controls. Ms Fraser received $9.2m in total compensation in 2018, for her work as chief executive of Citi's Latin American operations. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. That would leave China, Russia, Poland and Bahrain as well as Mexico as the markets from which Citi has yet to determine an exit plan. She worked as a Goldman Sachs analyst after receiving her degree in economics at Cambridge.. As CEO at CITIGROUP INC, Jane Fraser made $20,541,324 in total compensation. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. ; While her compensation ranks well below industry leaders the CEOs of Morgan Stanley and Goldman Sachs each made $35 million last year the package represents a 31.2% raise over the $17.15 million Fraser made as Citi's second-highest-ranking executive in 2020, according to The Wall . Distribution and use of this material are governed by All proxy statements are public filings made available to the general public by the SEC. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Of this total $1,333,333 was received as a salary, $7,912,500 was received as a bonus, $0 was received in stock options, $11,215,773 was awarded as stock and $79,718 came from other types of compensation. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. Citigroup said on Tuesday it provides regulators with its plans and progress on remediation efforts on an ongoing basis and is working constructively with the regulators to take their feedback. In addition, she makes $17,313,800 as President and Chief Executive Officer at Citigroup Inc. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Reuters->. Type a symbol or company name. - Goldman Sachs and Morgan Stanleys boards each awarded their chief executives, David Solomon and James Gorman, $35 million in cash and shares, while JPMorgan boss Jamie Dimons package for the year totals $34.5 million. Shareholders dont want to see an executive strike gold when they have not, and investor advisers like Institutional Shareholder Services tend to oppose pay packages out of line with stock returns. Incentives matter too. That could fuel analysts questions at TDs earnings call Thursday. Mr. Citi in 2018 chose to reveal raw pay gap data, becoming the first U.S. bank of its size to do so, and it typically posts yearly updates on its progress narrowing the wage gap. Ms Fraser's total pay in 2021 was $22.5 million. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, iPhone Maker Plans $700 Million India Plant in Shift From China, Stock Traders Are Ignoring Blaring Bond Alarms, S&P 500 Notches Best Week Since Late January: Markets Wrap. Citigroup directors cited Fraser's ability to establish a clear set of priorities aimed at increasing long-term shareholder value among the reasons behind the compensation. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Create your Watchlist to save your favorite quotes on Nasdaq.com. Morgan Stanley shares were up around 25% over the same time. This information is according to proxy statements filed for the 2021 fiscal year. - Citigroup's board awarded Chief Executive Jane Fraser $22.5 million for running the U.S. bank in 2021, according to a filing on Feb. 14. I left the office and walked down to the grocery store to stock up and there was not one vegetablefresh or frozenleft on any of the shelves. our Subscriber Agreement and by copyright law. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Frasers compensation includes a $1.3 million cash salary, plus $6.4 million as a cash bonus and $14.8 million in shares payable over several years, with some of those linked to financial targets. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. For non-personal use or to order multiple copies, please contact Feb 14 (Reuters) - Citigroup Inc (C.N) Chief Executive Officer Jane Fraser will be paid $22.5 million for 2021, a 31.6% increase from the previous year when she was the president of the bank and the head of its consumer businesses, the bank disclosed on Monday. While Chiefs at other big banks, including Goldman and Morgan Stanley, took a pay cut, Citigroup Inc paid Chief Executive Jane Fraser $24.5 million for 2022, up 9 per cent from the prior year, reported Wall Street Journal. All quotes delayed a minimum of 15 minutes. Thorough reviews have been conducted to assure this data accurately reflects disclosures. She has started to dismantle Citis decades-old sprawl, selling off retail banking divisions in Asia and Europe, and putting its Mexican arm on the auction block, but those massive changes will take a while to pay off. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Citi veteran Jane Fraser has been named Michael Corbat's successor. See here for a complete list of exchanges and delays. (The author is a Reuters Breakingviews columnist. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Opinions expressed are those of the author. - Goldman Sachs and Morgan Stanleys boards each awarded their chief executives, David Solomon and James Gorman, $35 million in cash and shares, while JPMorgan boss Jamie Dimons package for the year totals $34.5 million. The bank paid Fraser $22.5mn for her work in 2021, when she took over as CEO at the end of February, replacing Mike Corbat, reported Financial Times. But Frasers firm is less efficient, slower-growing and earns a lower return on equity. CITIGROUP INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Not the one that runs along gender lines though Fraser does get a third less than her male peers. Ms Fraser's total pay in 2021 was $22.5 million. Continue reading your article witha WSJ subscription, Already a member? When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. CITIGROUP INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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Manish Sisodia's Custody Extended, CBI Told Not To Repeat Questions, In Karnataka, Arvind Kejriwal Twist To BJP's "Double-Engine Government", Flu Cases With Severe Symptoms Rise, Centre Issues Advisory: 10 Facts, "Grateful Adani Group Has Shown Faith In Australia": Ex PM Tony Abbott, "I Gave Up": Shark Tank Judge Namita Thapar Reveals Her Struggles With IVF, Here's How To Avoid Covid-Like Flu Sweeping Across India, "World's 1st" Bamboo Crash Barrier Installed In Maharashtra: Nitin Gadkari, Influencer Andrew Tate, Facing Human Trafficking Charges, Has Lung Cancer, Rajya Sabha MP Kapil Sibal Announces Platform To Fight Injustice. The $1.33M base salary is consistent with the annualized rate of $1.5M for the 10. (Source: @Citi) By 2019, she is said to have received $17.3 million in total remuneration. Frasers compensation breaks down to a $1.33 million annual salary, a $6.35 million cash incentive, $4.23 million in deferred stock that vests over four years and $10.58 million in performance share units (PSUs). Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. CONTEXT NEWS. 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code. She joined Citi in 2004 in the Corporate and Investment Banking division. Oil Producers Hand $128 Billionto Investors as Doubts Grow About Future of Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. The bulk of her compensation$14.82 millionis in restricted stock tied to performance metrics. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Ms Fraser's total pay in 2021 was $22.5 million. The majority of her pay$14.82 million in restricted stock tied to performance metricsis in restricted stock. If those targets are tough, setting pay in line with peers is therefore less like rewarding failure, and more like incentivizing competition. John Foley for Educated at Girton College, Cambridge, and Harvard Business School, she was a partner at McKinsey & Company for 10 years before joining Citigroup in 2004. Fraser was paid a salary of $1.33 million and a cash bonus of $6.35 million when he became CEO on March 1, 2021. Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year. Ms. Fraser's predecessor, Michael Corbat, was paid $19.04 million by Citigroup in 2020. The estimated Net Worth of Jane Nind Fraser is at least $25 Million dollars as of 27 February 2018. Rather, Citi typifies the habit of paying bosses of high-performing banks much more than poorly performing ones. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Latest Update on the Future of Work at Citi. But both its revenue and its earnings were lower than a year earlier, as credit card users reduced their activity. 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ET, Presented by studioID and Dun and Bradstreet, Webinar The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. But on Wall Street, she is a poor cousin. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Is this happening to you frequently? https://www.wsj.com/articles/citigroups-jane-fraser-gets-22-5-million-for-first-year-as-ceo-11644877691. In her first year as CEO, Jane Fraser quickly set to work on a strategic refresh and announced plans to shed consumer banking assets around the globe. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Fraser has since set about selling Citis retail banking businesses outside the United States, including its Mexican franchise, Citibanamex. Ms. Fraser owns over 32,400 units of Citigroup Inc stock worth over $5,179,478 and over the last 5 years she sold C stock worth over $2,512,944. On the surface, Citis performance explains the difference. In January, Citi reported a profit of $4.6 billion on revenue of $16.5 billion. Please. Before joining Citi, she was a partner at McKinsey & Co. Fraserformally took the helm at Citi last February after being named as Mike Corbats successor in 2020. JPMorgan trades at 1.8 times its book value; Citis valuation is less than half that. See here for a complete list of exchanges and delays. In a chefs kiss of pay excess, Dimon and Solomon each got retention bonuses of around $50 million. NEW YORK (Reuters Breakingviews) - Jane Frasers $22.5 million package https://www.sec.gov/ix?doc=/Archives/edgar/data/0000831001/000110465922022820/c-20220210x8k.htm for running Citigroup embodies a Wall Street pay gap. The PSUs value varies based on the banks return on tangible common equity and tangible book value per share over three years.